Yes, but the bank controls who can withdraw money and when
A mother and child can open a joint checking account together at most banks. Both names go on the account, both can deposit money, and both can withdraw it — but the bank decides the rules, and those rules vary. Some banks let either person withdraw any amount without telling the other. Others require both signatures on checks or large withdrawals. A few banks won't allow joint accounts for minors at all, or will only let a parent be the account owner with the child as an authorized user instead.
The key difference is between a joint account (both people own it equally) and an authorized user account (one person owns it, the other can use it but doesn't own it). A joint account means both people have legal rights to all the money. An authorized user account means the parent owns the money and the child can access it, but the parent can remove the child's access or close the account without their consent.
Your bank's rules matter more than the law here. Federal law does not prohibit joint accounts for minors, but individual banks set their own policies. Before you open an account, call the bank and ask whether they offer joint accounts for minors, what the withdrawal rules are, and whether both account holders can close the account or only one.
Key Takeaways
- Most banks allow a parent and minor child to open a joint checking account, but some require the parent to be the sole owner with the child as an authorized user instead.
- In a joint account, both people own the money equally and can usually withdraw it without permission from the other, unless the bank requires dual signatures.
- Banks vary on whether both account holders can close the account, transfer money out, or change the account rules — ask before you open.
- An authorized user account gives the child access to the money but not ownership, so the parent can remove access or close the account unilaterally.
- You will need the child's Social Security number and a government ID for the parent to open either type of account.
What happens to the money if the parent dies or the child turns 18
If the parent dies, the money in a joint account belongs to the child automatically — it does not go through the parent's will or estate. This is called survivorship, and it is the default rule for joint accounts at most banks. The child can keep using the account after the parent's death without any court process.
When the child turns 18, the account does not automatically close or change. Both people remain account holders with the same rights they had before, unless the bank has a policy that requires the account to convert to a single-owner account at age 18. Some banks do convert automatically; others leave it as a joint account. Check your bank's policy when you open the account so you know what to expect.
If the account is an authorized user setup instead of a joint account, the parent still owns the money after the child turns 18. The parent can remove the child's access at any time, and the money does not automatically transfer to the child when the parent dies — it becomes part of the parent's estate.
Tax and financial aid consequences
Money in a joint account counts as the child's asset for financial aid purposes, even if the parent contributed all of it. This can reduce the amount of need-based financial aid the child receives in college. The impact depends on how much is in the account and the child's age — the formula is different for dependent students than for independent ones.
For tax purposes, the parent reports interest earned on the account. If the child earns more than a small amount of interest (the threshold changes yearly, but is usually under $1,500), the child may have to file their own tax return. The parent cannot claim the interest as their own income.
If the parent is receiving means-tested benefits like Supplemental Security Income (SSI) or Medicaid, a joint account with a child can affect those benefits. The account may be counted as a resource belonging to the parent, which could reduce or end their benefits. If this is a concern, talk to a benefits counselor before opening a joint account.
How to open a joint checking account with a minor
Go to the bank in person with the child and bring government-issued ID for the parent (driver's license or passport) and the child's Social Security number. Some banks will accept a birth certificate or school ID for the child if they do not have their own ID yet. The bank will ask for the child's date of birth and will verify the Social Security number.
You will also need to choose what type of account you want — some banks call this "joint" and others call it "parent-child" or "teen" account. Ask the bank representative what options they have and what the withdrawal rules are for each one. Get the answer in writing if possible, because policies can change and you may need to refer back to what you were told.
The bank will give you a debit card for the child, checks, and online access. Decide together whether the child should have online access to see the balance and transaction history, or whether the parent will control that. You can usually change these permissions later, but it is easier to set them up correctly from the start.
Risks of a joint account for the parent
In a true joint account, the child can withdraw all the money without the parent's permission — even if the parent contributed all of it and intended it for a specific purpose like college or an emergency. The bank will not stop the child from taking the money out, and the parent has no legal recourse to get it back. If the child is old enough to understand this, make sure you both agree on how the money will be used.
If the parent has creditors or owes back taxes, those creditors may be able to freeze or seize money in a joint account, even if the child contributed the money. The creditor can argue that the parent has access to the account and therefore the money is available to pay the debt. This is less common with child support or tax debt, but it can happen.
If the parent is sued or files for bankruptcy, the joint account may be considered part of the parent's assets. A bankruptcy trustee or creditor's lawyer may argue that the parent's share of the account should be used to pay debts. The child's share is usually protected, but proving how much the child contributed can be difficult.
Risks of a joint account for the child
If the parent misuses the account — taking money out for their own debts or spending — the child cannot prevent it or recover the money. The child has no legal claim to the parent's portion of a joint account, even if the child earned or saved the money themselves.
If the parent has poor credit or a history of overdrafts, that history does not appear on the child's credit report. However, if the account is overdrawn and sent to collections, the bank may pursue both account holders for the debt. The child could be contacted by a debt collector.
If the child is a minor and the parent dies, the child may have trouble accessing the account right away. Some banks require a death certificate and proof of the child's identity before they will let the child withdraw money, even though the child owns it. If the child is very young, the bank may require a court order or a guardian to be appointed before releasing the funds.
Alternatives to a joint account
An authorized user account keeps the parent in control while giving the child access. The parent is the sole owner and account holder. The child gets a debit card and can make purchases or withdraw cash, but cannot close the account, change the rules, or transfer large amounts without the parent's permission. This protects the money from the child's creditors and from the child spending it without permission.
A custodial account (also called a UTMA or UGMA account) is designed specifically for holding money for a minor. The parent is the custodian, not the owner. When the child turns 18 or 21 (depending on state law), the money automatically becomes the child's and the parent loses all control. Custodial accounts are usually used for investments or savings, not for everyday checking, but some banks offer custodial checking accounts.
A savings account in the child's name only, with the parent listed as a guardian or emergency contact, keeps the money legally separate from the parent. The parent can still help the child manage it and can access it if needed in an emergency, but the money is not at risk if the parent has creditors or files for bankruptcy. The downside is that the child may not be able to open the account without the parent present, and the parent cannot access it without the child's permission.
Frequently Asked Questions
Can my child overdraft the account without my permission?
Yes, if the bank allows overdrafts on the account. The child can spend more than the balance, and the bank will charge overdraft fees. Both account holders are responsible for paying back the overdraft, and the bank can pursue either one for the debt. You can ask the bank to turn off overdraft protection when you open the account.
What if my child is under 13 — can they still have a joint account?
Most banks require the child to be at least 13 to have a joint checking account, but some allow younger children with parental consent. A few banks have special accounts for children under 13 that work more like authorized user accounts. Call your bank to ask what the minimum age is and what options are available.
Can I remove my child from the account without closing it?
It depends on the bank. Some banks let you convert a joint account to a single-owner account by removing the other person's name. Others require you to close the account and open a new one. Ask the bank what their policy is before you open the account, because you may need to do this when the child turns 18 or if circumstances change.
Does a joint account affect my child's credit score?
No, a joint checking account does not appear on either person's credit report and does not affect credit scores. Credit reports track borrowing and repayment of loans, not checking accounts. However, if the account is overdrawn and sent to collections, that can appear on a credit report.
What if my child's other parent tries to access the account?
If only you and your child are on the account, the other parent cannot access it without a court order. If the other parent is also on the account as a joint owner, they can withdraw money and make changes just like you can. Make sure you understand who is on the account before you open it, especially in custody or divorce situations.